证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 申万宏源研究微信服务号 艾芬达: 领先的卫浴毛巾架 ODI -注册制新股纵览 20250825 投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 2025 年 08 月 25 日 相关研究 AHP 得分——剔除流动性溢价因素后, 艾芬达 1.57 分, 位于总分的 21.1%分位。艾芬达 ○ 于 2025 年 8 月 21 日招股,将在创业板上市。剔除、考虑流动性溢价因素后,我们测算艾 芬达 AHP 得分分别为 1.57 分、1.88 分，分别位于非科创体系 AHP 模型总分的 21.1%、35.5% 分位,分别处于下游偏上、中游偏下水平。假设以 95%入围率计,中性预期情形下,艾芬 达网下 A、B 两类配售对象的配售比例分别是：0.0247%、0.02 ...

策 略 研 究 申 购 策 略 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 2025 年 08 月 25 日 艾芬达：领先的卫浴毛巾架 ODM 商 ——注册制新股纵览 20250825 投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - ⚫ AHP 得分——剔除流动性溢价因素后，艾芬达 1.57 分，位于总分的 21.1%分位。艾芬达 于 2025 年 8 月 21 日招股，将在创业板上市。剔除、考虑流动性溢价因素后，我们测算艾 芬达AHP得分分别为1.57分、1.88分，分别位于非科创体系AHP模型总分的21.1%、35.5% 分位，分别处于下游偏上、中游偏下水平。假设以 95%入围率计，中性预期情形下，艾芬 达 ...

Core Viewpoint - Jiangxi Aifenda HVAC Technology Co., Ltd. has made progress in its IPO journey, with its application for the ChiNext board being registered as effective, despite facing challenges such as performance volatility and doubts about its R&D capabilities [1][3]. IPO Journey - Aifenda's IPO process has been complicated, with its application accepted on June 20, 2022, entering the inquiry stage on July 17, 2022, and being approved on April 27, 2023. The review was suspended in May 2024 due to a change in the reporting accountant, but resumed in August 2024, leading to the registration application submitted on May 26, 2025, and the status changing to "registered effective" on June 11, 2025 [3]. - The company aims to raise approximately 665 million yuan, which will be used for upgrading automated production lines and supplementing working capital [3]. Financial Performance - Aifenda's revenue grew from 762 million yuan in 2022 to 1.05 billion yuan in 2024, with a compound annual growth rate of 17.36%. However, its net profit fluctuated significantly, with a 76.04% increase in 2023 to 164 million yuan, followed by a 28.04% decrease in 2024 to 118 million yuan [4]. - In 2023, Aifenda's other income, primarily from government subsidies, reached 59.87 million yuan, and asset disposal income was 53.87 million yuan. After excluding these non-recurring gains, the company's net profit attributable to the parent was 87.40 million yuan, indicating a decline from 2022 [5]. Accounts Receivable and Inventory - Aifenda's accounts receivable increased from 180 million yuan in 2022 to 293 million yuan in 2024, while inventory value rose to 206 million yuan, accounting for 29.73% of current assets. The rapid growth in accounts receivable may pressure cash flow and increase bad debt risk [5]. - As of the end of 2024, Aifenda had cash and cash equivalents of 136 million yuan, but short-term borrowings and current portion of non-current liabilities totaled 232 million yuan, resulting in a short-term funding gap of 96 million yuan [5]. Dependence on Overseas Markets - Aifenda is heavily reliant on overseas markets, with international sales accounting for 92.37% to 95.53% of its revenue from 2022 to 2024, and over 60% of this revenue coming from the UK market. This dependence poses risks amid increasing global economic uncertainties and potential trade protectionism [6]. - The company has faced foreign exchange losses due to settlements in USD, EUR, and GBP, with losses of 8.35 million yuan, 11.45 million yuan, and 6.42 million yuan from 2022 to 2024, respectively [7]. R&D Capabilities - Aifenda's R&D expenditure as a percentage of revenue was below the average of comparable companies, at 3.31%, 3.53%, and 3.18% from 2022 to 2024 [8]. - The educational background of Aifenda's R&D personnel raises concerns, with only 12 individuals holding a bachelor's degree or higher, making up 6.35% of the total R&D staff, while 72% have below college-level education [9][10]. Overall Assessment - Aifenda's performance is unstable, with excessive reliance on overseas markets and questioned innovation capabilities. If the company successfully goes public, it will face significant challenges in addressing these issues [11].

Core Viewpoint - The company, primarily engaged in the production of bathroom towel racks, is finally progressing towards an IPO after a three-year suspension, facing various risks including reliance on foreign sales and customer concentration [2][3]. Group 1: Financial Performance - The company reported revenues of 7.62 billion, 8.30 billion, and 10.50 billion for 2022, 2023, and 2024 respectively, with a compound annual growth rate of 17.36% [3]. - Net profits for the same years were 0.93 billion, 1.64 billion, and 1.18 billion [3]. - The company plans to issue up to 21.67 million shares to raise 6.65 billion for upgrading automated production lines and supplementing working capital [2]. Group 2: Market Dependency - Over 90% of the company's revenue comes from foreign sales, with the UK market contributing more than 60% [3]. - The top five customers accounted for 50.49%, 45.77%, and 43.05% of revenue in 2022, 2023, and 2024 respectively, indicating a high dependency on a few clients [5][6]. Group 3: Risks and Challenges - The company faces risks from potential tariffs or anti-dumping investigations in Europe, which could hinder exports [4]. - The European real estate market is showing signs of weakness, with new housing starts in the UK at a seven-year low, potentially affecting demand for the company's products [4]. - The company has reported cumulative foreign exchange losses of 26.2 million from 2022 to 2024, which could increase if the USD continues to depreciate against the RMB [6]. Group 4: Governance and Compliance Issues - The company exhibits family-style governance, with the controlling shareholder holding 44% of voting rights, raising concerns about related party transactions [12]. - There are compliance issues regarding social insurance contributions, with 24.7% of employees not enrolled in social security [15][16]. Group 5: Research and Development - The company's R&D intensity is low at 3.18% to 3.53%, below the average for similar companies, raising concerns about innovation capacity [8]. - The company claims to have 736 patents, but only 12% are core invention patents, indicating a potential gap in technological advancement [8].